The US Ministry of Finance Scott Bessent is convinced that people around the world will choose Stablecoins over the Central Bank’s digital currencies (CBDC).
In a new interview with Bloomberg, Bessent says The StableCoin sector creates an “exciting new payment rail.”
“And important, it will be a source of demand for the us treasury market, because if you think about it, in term of preference globally, would you rather have a private stablecoin that’s backed by us treasuries with us Äkews Best Practices and Regulation .
Bessent says he has encouraged members of the House of Representatives to pass the Senate version of Genius Act “AS is” and believes that the bill can come through the Chamber in mid -July.
The Potential legislation would require Stablecoin issuers to maintain support for their assets on a 1: 1 quota.
The bill also states that Stablecoin issuer reserves may consist of US currency; funds held as demand deposits or insured shares at an insured depot institution; and government debt gears, notes or bonds.
The Senate approved the bill Last month.
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